preexisting duty rule

noun
pre·​exist·​ing duty rule

Legal Definition of preexisting duty rule

: a common-law rule of contracts: a party's offer of a performance already required under an existing contract is insufficient consideration for modification of the contract

Note: This rule is not applicable to sales contracts in jurisdictions that have enacted the Uniform Commercial Code. It is also not applicable where there has been a rescission of the contract followed by a new contract.

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Dictionary Entries Near preexisting duty rule

preemptive right

preexisting duty rule

prefer

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Cite this Entry

“Preexisting duty rule.” Merriam-Webster.com Legal Dictionary, Merriam-Webster, https://www.merriam-webster.com/legal/preexisting%20duty%20rule. Accessed 22 Jan. 2022.

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